This paper examines empirically a comprehensive sample of firms undertaking Chapter 11 reorganizations, prepackaged bankruptcies, and workouts. We provide evidence that the restructuring decision depends on the degree of the firm's leverage, the severity of its liquidity crisis, the extent of...

A profile of needed research in corporate finance is developed based on a survey of financial managers. Research needs are perceived to be the greatest in the areas of regulation and ownership. The area of long-term financing represents the third most important category. Alternatively, financial...